The latest report by IMARC Group, titled “Conveyor Belt Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2017-2022”, finds that the global conveyor belt market reached a value of more than US$ 5 Billion in 2016. Conveyor belts are mechanical apparatus consisting of two or more pulleys with a moving belt or a chain that helps in transporting materials or packages from one place to another. The belt forms a continuous loop of fabric, rubber, plastic, leather, or metal supported on rollers or on a metal slider pan. Nowadays, various types of conveyor belts are available to use in different applications such as food processing industries, airports, and various transporting industries.
Highlights of the global conveyor belt market:
- The increasing demand for steel cord conveyor belts is the major trend anticipated to drive the market growth.
- Medium-weight conveyor belt is the most popular product type.
- Asia Pacific represents the leading market, holding the majority of the global share.
The increasing applications of conveyor belts in various industries are helping the global conveyor belt market to expand. Additionally, these belts enable the manufacturers to reduce inventory levels, and in turn, reduce overall production costs. As a result, the escalating demand for conveyor belts from automation, mining and manufacturing industries has emerged as another major demand driver. Further, there has been an increase in the use of conveyor belts at the airports so as to facilitate the passengers with efficient baggage transportation. Some of the other factors contributing to the market growth are aging workforce, growth of infrastructural activities and demand for eco-friendly conveyor belts with self-cleaning properties. According to the report, the global conveyor belt market is further expected to reach a value of US$ 6.4 Billion, exhibiting a CAGR of more than 3% during 2017-2022.
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On the basis of product type, the market has been segmented into medium-weight conveyor belt, lightweight conveyor belt and heavyweight conveyor belt. Currently, medium-weight conveyor belt is the most popular product type, holding the largest market share. Based on end-use, the market is categorised into metallurgy industry, chemical industry, steel-making industry and others. Region-wise, Asia Pacific dominates the market, accounting for the largest share, followed by Europe and North America. Other major regions include the Middle East and Africa, and Latin America. On evaluating the competitive landscape of the market, it is found that the key players are Bando Chemical Industries, Ltd., Fenner, Intralox, Volta Belting Technology Ltd. and Fives.
The report by IMARC Group has examined the global conveyor belt market on the basis of:
- Medium-Weight Conveyor Belt
- Light-Weight Conveyor Belt
- Heavy-Weight Conveyor Belt
- Metallurgy Industry
- Chemical Industry
- Steel-Making Industry
- Asia Pacific
- North America
- Middle East and Africa
- Latin America
Major Key Players:
- Bando Chemical Industries, Ltd.
- Volta Belting Technology Ltd.
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